The global vegan flavor market is anticipated to witness growth at a CAGR of 6.4% and top a valuation of US$ 16.3 Bn by 2032. The vegan flavor is one of the most trending terms in foods nowadays, as consumer demand is more towards vegan products than vegetarian products.
The demand for high-quality vegan bakery items is increasing, resulting in a favorable trend in the vegan flavor market.
In the very competitive vegan taste market, it’s essential to concentrate on marketing methods. The most significant factors that enhance the sales of vegan flavors are monitoring target consumers and utilizing correct promotional techniques.
Many people are unaware of the vegan flavors offered and consequently prefer other options. The vegan flavor market size is predicted to rise as a result of providing vegan flavor-specific product brochures and establishing customized services.
Due to the growing popularity of artisan bakeries, the sales of vegan flavor is projected to see an increase from 2022 to 2032. The color, texture, and flavor of these foods are selected to meet the demand of the consumers.
The number of health-conscious consumers is growing, which is fueling the demand for vegan flavor. Since customers all across the world are looking for a healthier way of life, the sales of vegan flavor are rising.
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Furthermore, this rising demand for vegan flavor is expected to have a long-term impact on consumer purchasing habits, boosting the vegan flavor market share.
The current trend has also led to an increase in the number of artisan bakeries. To meet the demand for healthful and high-quality baked items, artisan bakers use a variety of vegan flavors.
Key Takeaways from Market Study
- The vegan flavor market is worth of USD 8.7 Bn sales in 2022.
- The vegan flavor market is expected to expand at CAGRs of 6.4% through 2032.
- Global sales of vegan flavor is projected to grow year-on-year (Y-o-Y) growth of 5.5% in 2022.
- The vegan flavor market is growing with a notable boost towards the production to reach USD 16.3 Bn by 2032.
- High product demand for vegan flavor from vegan food industry, soaring production of raw material, tasty and healthy product form are the factors driving growth of the market.
- Furthermore, it is one of the influencing factors among consumers, which is driving sales of vegan flavor across global markets.
- Demand for vegan flavor grew at 5.2% CAGR between 2017 and 2021.
- International Flavors & Fragrances, Inc., Givaudan SA, Sensient Technologies Corporation, Symrise AG, and DSM N.V. are expected to be the top players in the vegan flavor market.
- Vegan flavor market along with fruits as source, powdered vegan flavor, confectionery items as application, and B2C sales channel are in heavy demand from food industry carrying a notable market share.
Vegan Flavor Market Segmentation
By Source:
- Vegetables
- Fruits
- Algae
- Herbs & Spice
- Fusion
By Form:
- Powder
- Blended
- Liquid
- Oil
- Others
By Application:
- Bakery Products
- Confectionery Items
- Dairy & Desserts
- Processed Food
- Beverage Industry
- Dietary Supplements
- Pharmaceutical Industry
- Others
By Sales Channel:
- B2B / HoReCa
- B2C
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
“Vegan flavors can work perfectly to balance between mouthfeel, masking bitter protein notes, or defining flavors and building in the characteristics of a vegan food item which makes the product unique and creates a memorable vegan taste experience, propelling market growth.”- Future Market Insights Analyst.
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Competitive Landscape
Key players in vegan flavor market are conducting several researches and looking for new strategic partnerships, while key vegan flavor brands are focusing on developing applications in the food industry to generate high quality food and beverage solutions.
The vegan flavor market key players are focusing on new formulations and product innovations to gain market share and attract more customers towards the product.
- In 2022, Chennai-based functional food brand VegaBytz announced to launch its vegan flavor brand and products in India. The company is a pioneer in the UK market developing award winning and world-class vegan meat products.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Product launches & Recent Developments
3.4. Product Life Cycle Analysis
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Recent Developments in the Vegan Flavor Market:
- On 3rd March 2021, the global science-based company active in health, nutrition, and sustainable living announced to launch the product Maxavor® Fish YE, an 100% allergen-free new vegan flavor solution, which is derived from algal oil. The vegan flavor permits food manufacturers to provide a mouthfeel and an authentic fish taste.
- In July 2019, Symrise AG opened a new liquid flavourings production facility in Russia. Its goal was to supply sweet, beverage, and dairy goods with regionally developed flavour solutions.
- Givaudan SA completed the acquisition of Albert Vieille SAS, a French company with a substantial presence in the local market, in May 2019. This acquisition is likely to aid the company’s expansion into European markets.
- Magnum, a Unilever brand, debuted its first vegan ice cream in New Zealand in 2019. Magnum Dairy Free is the brand name for the items.
- Plant Veda introduced Lassi, the world’s first vegan probiotic, in North America in 2019. Mango, saffron cardamom, coffee, vanilla, and turmeric ginger are among the five flavours available.
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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